Profile picture for soxownyankees

Is zillow closely accurate with the estimated monthly payment?

I'm looking to purchase a home in the next couple months. I want a payment of no more than $1200. Zillow has many options to input as far as money down and taxes. What is a good percentage to make sure taxes being added are snowing to get paid at the end of the year? If a home has been on the market for several months and asking price is 184000 what is a good offering price? I think 155000 to 160000. My agent thinks I should come in higher...
  • March 25 2014 - US
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

Answers (9)

Profile picture for MountJuliet
Zillow doesn't take into consideration tax and insurance for the mortgage payment.  Many times, taxes are stated in the listing but insurance premiums are really dependent on claims.  Claims on the property itself as well as claims that you've filed.  Not all insurance companies use CLUE (Claims, Loss, Underwriting & Exception) reports but most do.  

As for the price to offer, your agent has the local market data so they should be able to tell you what a fair offer is for the market.  As for the difference between their asking price and your offer being so far apart... If you wrote it on my listing, I'd probably ask for a letter of explanation to present with the offer.  Sometimes we get one and other times we don't.  

Think about this... If the Seller was to reduce the property even a few thousand dollars, would it open it up to others or would you still be the only potential buyer?  I'm thinking that the Seller would see more traffic and get a higher price for the property.  There is too far of spread between their asking price and your offer for me not to recommend a price reduction and to continue fishing for more Buyers.

Wishing you the BEST in your purchase!

Bob Sorey
  • March 26 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for soxownyankees
Thanks Mack Ummmm can actually purchase this. But don't see necessary for the smart comment. And my point being why should I pay asking for something obviously no one else wants....
  • March 26 2014
  • 2Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

I say - go pick on another house that you can actually buy.

The sellers have made their point. They think the house is worth $184,000 - maybe they'd come down to $180,000 and MAYBE they'd come down to $155,000, but I don't think so.

My advice is to look for a better house to buy at $184,000.

All the best,
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for sunnyview
Taxes are a definite factor when you buy and most times they are unlikely to go down either. You can see the yearly taxes for many properties on Zillow and then plug them into a PITI calculator to get an estimate of the monthly with the rate you've been offered.
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for soxownyankees
Thanks for the great replies guys. Awesome to see so many willing and offering advice. The taxes in my area now are really high the jack my payment up like another 400 to 450 that's what killing me.
  • March 25 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Brad Aull
These are all great questions every buyer should ask. Great job! Zillow is a great starting point but your agent has the ability to compile more detailed information for the specific properties you are interested in. Your agent can run a thorough comparative market analysis and pull a detailed property history to help you determine the asking price. They can also help you with the negotiation process. I would definitely follow the advice of your agent during the process. Good luck!
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Your monthly payment will be mortgage plus taxes plus insurance.   You can do rough calculations yourself by taking the 12 month tax rate and dividing by 12, the insurance amount (call your agent) and dividing by 12, and then the mortgage (use one of the calculators in the top line under "mortgage"). 

None of us know the house that you mention.  There are many factors that go into identify the right price besides how long it has been on the market.    Have your agent provide comparables that have sold in the last two or three months for a better estimate.

  • March 25 2014
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for soxownyankees
Even though it has been listed since oct 13?
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Property taxes depend on the area the home is in. As far as your offer price goes, I would ask your agent to provide you with a list of similar homes that have sold in the area and base your offer on that. Offering 155K  to 160K on a home that is listed for 184K is pretty low.
  • March 25 2014
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.